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State revenue fails to keep pace with rising costs, report says

The costs of pensions and other benefits for retired employees are generally growing faster than revenues, crowding out funding for health care, education and infrastructure projects, according to the report.

By William Selway | Updated on January 14, 2014

Jan. 14 (Bloomberg) — U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report.

Paying for worker benefits is taking money from schools and other needs, according to the report, issued today by a privately funded panel of budget specialists led by former Federal Reserve Chairman Paul Volcker and ex-New York Lieutenant Governor Richard Ravitch.

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